Shriram Properties gains after huge block deal; strategic investor likely picks stake

Shareholding data as of December 2022 end shows WSI/WSQI V (XXXII) Mauritius Investors Ltd held 14.27 percent stake in the company

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Shriram Properties’ shares gained over 6 percent on March 31 after 2.43 crore shares, equating to 14.3 percent stake, changed hands in the pre-opening session.

While the buyers and sellers were not known immediately, shareholding data as of December 2022 end shows WSI/WSQI V (XXXII) Mauritius Investors Ltd held 14.27 percent stake in the company.

Sources told CNBC-TV18 that private equity investors sold shares in Shriram Properties block deal, while strategic investors are buyers. At 9:15 am, the stock opened 10 percent higher at Rs 61.20 on the NSE, amid heavy trading volumes. It then cooled a bit to trade near the Rs 59 level, higher by 6.5 percent.

Ever since its listing in December 2021, the stock has declined 29 percent.

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In Q3 FY23, the company’s revenue from operations grew 60 percent year-on-year to Rs 175.8 crore and net profit jumped 69 percent higher to Rs 22.4 crore. It recorded sales volumes of 1.04 msf and sales value of Rs 605 crore in the quarter.

In an interview with Moneycontrol, the company said that it plans to develop 53 million square feet (msf) across Bengaluru, Chennai, and Kolkata over the next two to three years. The portfolio is expected to generate revenue of about Rs 20,000 crore.

Shriram Properties has a presence in several cities across India, including Bengaluru, Chennai, Kolkata, and Hyderabad, among others. It has a diversified portfolio of residential, commercial, and retail properties.

The company’s management remains optimistic about the growth prospects of the real estate sector in India, driven by the increasing demand for affordable housing and the government’s focus on infrastructure development.

“We are not looking forward to entering the premium segment yet. However, we have about 7 percent of our ongoing portfolio in the luxury range. The company plans to stay in the mid-segment and affordable ranges for some time,” Murali M, Chief Managing Director (CMD), Shriram Properties, had told Moneycontrol.